How would they know if I had 2 x ISA in a year?

longwalks1

How would it be picked up if I had 2 existing S&S ISA's, and put in more than the max allowance between the 2 in one year? Say I put in £8k in one, and £9k into the other, how would it be picked up?

I'm not wanting to break any laws, just genuinely interested?

YorkshireBoy

All providers report to HMRC!

ViolaLass

It's linked to your NI number.

longwalks1

Ah OK thanks people, worth a try

ChesterDog

And you would have to sign (or otherwise acknowledge) a declaration when you took a new one out, to say you had not oversubscribed your annual allowance in so doing.

Archi_Bald

britishboy wrote: »

Ah OK thanks people, worth a try

HMRC would come down on you like a ton of bricks.

le_loup

britishboy wrote: »

Ah OK thanks people, worth a try

So is nicking from shops if you're that way inclined!

ViolaLass

Archi_Bald wrote: »

HMRC would come down on you like a ton of bricks.

Not sure they would the first time - they might just send you a letter asking you to remedy the situation sharpish.

Wilkins

ViolaLass wrote: »

Not sure they would the first time - they might just send you a letter asking you to remedy the situation sharpish.

Some years ago I did mistakenly take out two cash ISAs in the same year (one at the start and another right at the end). When HMRC realised (not until the following year) they sent me a long and slightly patronisingly letter along the lines of:


- we do realise that ISAs are dreadfully complicated and that you have probably made a genuine mistake;

- accordingly we are going to ignore the infraction and not penalize you in any way (nor did they);

- do it again and we'll break your legs (or words to that effect).

Biggles

britishboy wrote: »

Ah OK thanks people, worth a try

I thought you weren't interested in breaking any laws?

danielhermann

I don't see any sense in trying to do so. There are various avenues of investment.